Morgan Housel

That is not in any newspaper.

It's not in any podcast.

That's going to be the biggest risk.

I think the chapter on reasonable versus rational, which to very quickly summarize it is don't pretend like you are purely rational and you're a spreadsheet and your financial decisions have to like make perfect sense.

Everyone is a little bit flawed, a little bit emotional, different family situations, different goals.

As long as your financial decisions are merely reasonable.

That's good.

And I think a lot of people, for me and for a lot of people, they're like, oh, thank you for giving me permission because I have this quirky thing that I do with my money and it doesn't make any sense, but it's reasonable.

And it makes sense for my personality.

And like, as long as it's reasonable, like don't be unreasonable, but don't think that every one of your financial decisions has to add up perfectly in a spreadsheet.

You want to use money as a tool for a better life.

And there's many different ways to do that, a lot of which might make sense to me but not make sense to you or vice versa.

And so that's fine.

And so I think that to me of just like, hey, this is not an exercise in a spreadsheet where I'm just trying to make sure all the numbers add up.

I'm just trying to use money to be a little bit happier and to sleep better and to give myself and my family a little bit of a better life.

Even if it doesn't always make sense, this is a tool to give me a better life.

Which is quite shocking.

Jeff Bezos talks about this in a way that I think was really profound, where he's like he thought about building Amazon with what he called the regret minimization framework, which was he envisioned himself being 90 years old or whatever on his deathbed and looking back.

And he said the goal for life was to be on your deathbed and have as few regrets as possible.

And he said, if he started Amazon and it failed, he would not have regretted that.